Here are four things to know
1. Innate Immunotherapeutics’ shares plunged following poor trial results for the company’s investigational multiple sclerosis drug.
“For those that invested in Innate, including me, we all were sophisticated investors who were aware of the inherent risk,” Mr. Collins said in a statement Tuesday. “For every successful drug, there are countless numbers that fail. That’s how today’s system works.”
2. Mr. Collins sits on Innate’s board of directors and is the company’s largest stockholder. The congressman has never sold company shares and lost more than $5 million of his own money when the stock dropped, an unnamed source close to Mr. Collins told The Hill.
3. Several congressmen told The Hill in June Mr. Collins had pitched Innate’s stock to his GOP colleagues and bragged about helping them make money from the investment during a dinner party, although Mr. Collins denies the claims.
4. The House Committee on Ethics has also been investigating whether Mr. Collins broke insider trading laws by allegedly recruiting colleagues to purchase Innate stock.
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